Global LNG (Liquefied Natural Gas) Market

LNG (Liquefied Natural Gas) Market Size, Share, Growth Analysis, By Application(Transportation Fuel, Power Generation, and others), By Source(Offshore and onshore), By Technology(conventional liquefaction and floating liquefaction), By Process(Liquefaction and regasification), By Type of transportation(Pipeline, shipping and trucking), By Region - Industry Forecast 2024-2031

Q: What is the global market size of the LNG (Liquefied Natural Gas) Market?

Global LNG (Liquefied Natural Gas) Market size was valued at USD 109.5 billion in 2021 and is poised to grow from USD 118.37 billion in 2022 to USD 220.72 billion by 2030, growing at a CAGR of 8.1% in the forecast period (2023-2030).

Q: Who are the key vendors in the Global LNG (Liquefied Natural Gas) Market?

Over the forecast period, the global LNG (Liquefied Natural Gas) market is expected to become increasingly competitive. This is due to the anticipated entry of new players into the market and an expansion in the number of industries and end-users who are compatible with LNG. Currently, the global LNG market is dominated by a few key players. However, this is expected to change in the near future, as more companies seek to capitalize on the growing demand for natural gas and its liquefied form. These new entrants may come from both traditional natural gas producers and companies in related industries seeking to diversify their offerings. The increase in competition is likely to lead to innovations and improvements in the LNG value chain, including the development of new technologies and more efficient logistics and supply chain management. This could result in lower costs for consumers, making LNG a more attractive energy source for a broader range of applications. Furthermore, the growth in the number of industries and end-users that can utilize LNG, such as transportation and power generation, is expected to drive demand and further. 'BP p.l.c.', 'Cheniere Energy, Inc.', 'Chevron Corporation', 'ConocoPhillips Company', 'Eni S.p.A.', 'ExxonMobil Corporation', 'Gazprom', 'INPEX Corporation', 'Mitsubishi Corporation', 'National Iranian Oil Company (NIOC)', 'Novatek', 'Oil and Natural Gas Corporation Limited (ONGC)', 'PETRONAS', 'Qatar Petroleum', 'Royal Dutch Shell plc', 'Santos Ltd', 'Total S.A.', 'Woodside Petroleum Ltd', 'YPF SA', 'Zhejiang Energy Group Co., Ltd.'

Q: What is the key market trend for the Global LNG (Liquefied Natural Gas) Market?

The global LNG market is experiencing significant growth, and this can be attributed to the emergence of new supply sources. Countries such as the United States, Australia, and Russia have begun to tap into their vast natural resources, resulting in increased availability of LNG. This trend has provided a boost to the LNG market by providing more options for buyers and sellers alike. The availability of LNG from new supply sources has increased competition, which in turn has helped to stabilize prices and spur growth in the market. The United States, in particular, has emerged as a major player in the global LNG market due to its abundant shale gas resources. Australia has also significantly increased its LNG production. Russia, on the other hand, has always been a major gas producer and has recently made significant investments in developing its LNG export capacity.

Report ID: SQMIG10D2022 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 137 | Figures: 78

LNG (Liquefied Natural Gas) Market Dynamics

LNG (Liquefied Natural Gas) Market Drivers

Global Economic Growth is Bolstering Demand for LNG

As the global economy expands, there is typically an increase in demand for energy, including natural gas. This growth in demand can drive the demand for liquefied natural gas (LNG), which is a form of natural gas that has been cooled to a liquid state for ease of transportation and storage.The reason for this is that LNG is becoming an increasingly important component of the global energy mix due to its versatility and relatively low carbon emissions. It can be used for heating, electricity generation, and as a feedstock for various industries, making it a popular choice for countries looking to diversify their energy sources.

LNG (Liquefied Natural Gas) Market Restraints

Price Volatility to Hinder Market Growth

One of the key restraints that can impact the liquefied natural gas (LNG) market is price volatility. While natural gas prices can be subject to fluctuations, the price of LNG can be even more volatile due to various factors such as shipping costs, geopolitical events, and supply and demand imbalances. The high cost of transportation, storage and regasification facilities adds to the cost of LNG, which can result in higher prices compared to traditional natural gas sources. Furthermore, supply chain disruptions due to unforeseen events like natural disasters, geopolitical tensions, and other factors can lead to imbalances in the supply and demand of LNG, further exacerbating price volatility.This level of unpredictability can make it challenging for both buyers and sellers to plan for future investments, as they may not be able to predict the price of LNG with certainty. This can lead to delayed investments or a reluctance to invest in new projects, which can slow down the growth of the LNG market.

LNG (Liquefied Natural Gas) Market Report Snapshots

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LNG (Liquefied Natural Gas) Market size was valued at USD 109.5 billion in 2021 and is poised to grow from USD 118.37 billion in 2022 to USD 220.72 billion by 2030, growing at a CAGR of 8.1% in the forecast period (2023-2030).

Over the forecast period, the LNG (Liquefied Natural Gas) market is expected to become increasingly competitive. This is due to the anticipated entry of new players into the market and an expansion in the number of industries and end-users who are compatible with LNG. Currently, the LNG market is dominated by a few key players. However, this is expected to change in the near future, as more companies seek to capitalize on the growing demand for natural gas and its liquefied form. These new entrants may come from both traditional natural gas producers and companies in related industries seeking to diversify their offerings. The increase in competition is likely to lead to innovations and improvements in the LNG value chain, including the development of new technologies and more efficient logistics and supply chain management. This could result in lower costs for consumers, making LNG a more attractive energy source for a broader range of applications. Furthermore, the growth in the number of industries and end-users that can utilize LNG, such as transportation and power generation, is expected to drive demand and further. 'BP p.l.c.', 'Cheniere Energy, Inc.', 'Chevron Corporation', 'ConocoPhillips Company', 'Eni S.p.A.', 'ExxonMobil Corporation', 'Gazprom', 'INPEX Corporation', 'Mitsubishi Corporation', 'National Iranian Oil Company (NIOC)', 'Novatek', 'Oil and Natural Gas Corporation Limited (ONGC)', 'PETRONAS', 'Qatar Petroleum', 'Royal Dutch Shell plc', 'Santos Ltd', 'Total S.A.', 'Woodside Petroleum Ltd', 'YPF SA', 'Zhejiang Energy Group Co., Ltd.'

As the economy expands, there is typically an increase in demand for energy, including natural gas. This growth in demand can drive the demand for liquefied natural gas (LNG), which is a form of natural gas that has been cooled to a liquid state for ease of transportation and storage.The reason for this is that LNG is becoming an increasingly important component of the energy mix due to its versatility and relatively low carbon emissions. It can be used for heating, electricity generation, and as a feedstock for various industries, making it a popular choice for countries looking to diversify their energy sources.

The LNG market is experiencing significant growth, and this can be attributed to the emergence of new supply sources. Countries such as the United States, Australia, and Russia have begun to tap into their vast natural resources, resulting in increased availability of LNG. This trend has provided a boost to the LNG market by providing more options for buyers and sellers alike. The availability of LNG from new supply sources has increased competition, which in turn has helped to stabilize prices and spur growth in the market. The United States, in particular, has emerged as a major player in the LNG market due to its abundant shale gas resources. Australia has also significantly increased its LNG production. Russia, on the other hand, has always been a major gas producer and has recently made significant investments in developing its LNG export capacity.

In 2022, the Asia Pacific region held the largest revenue share of 80.11%. Japan has the highest country-level demand and is expected to experience significant growth during the forecast period. Additionally, China is projected to have the highest growth rate in the Asia Pacific region due to its low energy mix gas consumption of only 4-5%, which leaves ample room for development. Robust economic growth in China is also leading to higher consumption of gas-based power facilities, expanding the market's application scope.

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LNG (Liquefied Natural Gas) Market Dynamics

LNG (Liquefied Natural Gas) Market Report Snapshots

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Who are the key vendors in the LNG (Liquefied Natural Gas) Market?

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What is the key market trend for LNG (Liquefied Natural Gas) Market?

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